Running a business - Debt recovery

Recently added Tips & Advice

ACCOUNTS - 22.06.2020

When should you deduct bad debts?

Your firm’s financial year ends soon and while the accounts will show a profit you’re expecting them to include significant bad debts. How long will you have to wait to claim a tax deduction for these?
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PAYMENT TERMS - 04.06.2020

Getting paid on your terms

As the lockdown eases and supply chains start to reopen, you could find yourself renegotiating payment terms with existing customers or striking deals with new clients. How can you ensure the payment terms are in your favour?
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CORONAVIRUS - CONTRACTS - 12.05.2020

Can coronavirus frustrate contracts?

The coronavirus outbreak has meant that many commercial contracts can’t be performed. Could you argue that the pandemic situation is a “frustration” of contract and escape your contractual obligations without any liability?
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DEBT RECOVERY - 16.03.2020

The debt chase and collect conundrum

Prompt invoicing and chasing payments can keep your cash flow steady. But what should you do if debts are building up? Who do you chase and how do you go about it?
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CONTRACTS - 21.01.2020

It’s 2020 - don’t shorten it to 20!

Matter of fact. When you enter into a contract, it will almost certainly have a start and/or completion date. It may seem a rather odd thing to say, but now that it’s 2020 you should write the year of the date in full, i.e. 2020 or 2021, as opposed to 20. Why is this? The first reason is that it will prevent someone altering the document. Another number could easily be added to the end of 20, e.g. to make it, say, 2019 or 2018. In some circumstances, this will have serious implications. ...
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INSOLVENCY - 23.12.2019

Can you rely on a retention of title clause?

Sellers prefer payment on delivery, but terms of 30 days are common, leaving them with an uncomfortable wait for their money. What if the customer goes bust in that time? You’ve been told that the retention of title (ROT) clause in your contract protects you, but how do you know it will work?
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